According to Cointelegraph, crypto lending company Celsius Network sought the judge's approval of its restructuring plan at a hearing on October 2, and plans to start repaying customers by the end of the year. Christopher Koenig, Celsius's legal counsel, said in his opening statement that the new company called "NewCo" will receive $450 million in seed funding from the litigation process. In addition, a document on September 29 showed that Celsius plans to use $2.03 billion in Bitcoin and Ethereum and the new company's shares to partially repay creditors.
The judge presiding over the case is considering whether to approve Celsius' restructuring plan, which still needs approval from security regulators. Although the restructuring plan was approved with the support of most creditors, it was still opposed by some creditors.
